BlueSteps Career Management and Executive Search Blog

The BlueSteps Career Management Blog is written with a C-level audience in mind on career management topics ranging from executive compensation, executive resumes, and interview tips to networking, executive job search, and gaining visibility as a professional in one’s industry.

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Property owners who want to sell usually have a figure in mind that they plan to ask for their property. That’s their asking price. However, savvy property owners know that asking price and selling price can be two very different numbers. What the market will bear overall and what their property offers that gives it a distinct advantage in the marketplace can bring the two prices quite close together or drive them miles apart.

The 2014 AESC BlueSteps Executive Compensation Report, released today by the Association of Executive Search Consultants (AESC), reveals that almost half (44%) of executives at the CEO/President level experienced a rise in total compensation in the last fiscal year.

Of those CEOs who experienced an increase in total compensation, 37% received +11% or higher growth in the last fiscal year. The greatest percentage of respondents at this level (45.6%) earned annual base salaries in the $251-400K bracket.

It’s a fact that salaries haven’t kept pace with inflation. While the economy seems to be recovering from the slump over the past years, employers are still very cautious when it comes to executive salary increases. When you are ready to ask for a raise, the best position to be in is one of power. Leveraging your resources such as professional accomplishments, personal and professional network, industry expertise, and more could put you in a much better position when negotiating your salary.

According to the BlueSteps Executive Compensation Survey (2013), many executives (over one-third) felt that they were not being adequately compensated for their work. If you have reached a crossroad in your career where you might be able to negotiate your salary, it is vital that you are equipped and prepared with the skills to ensure you end up with the compensation you deserve. BlueSteps has therefore compiled a list of do’s and don’ts for salary negotiation to help you on your way.

Recently, a colleague of mine who I will call “John” successfully negotiated a highly favorable executive relocation and compensation increase from his Fortune 100 technology and communication company who wanted him and his family to move to Singapore. In a global economy that continues to send mixed signals into the market where heightened expense pressures, elongated recruiting processes, and tighter access to jobs within corporations are juxtaposed with seemingly improved consumer spending and confidence, John secured everything he wanted to maximize his personal reward. I asked him to explain his strategy and I am pleased to share his top four recommendations as best practices.

In the workplace, everything is up for negotiation. However, your best chance for bargaining happens when you first get offered a position. Keep this fact in mind: The largest salary increases you’ll likely ever earn are when you go to work for a new employer. Employers expect you to negotiate the offer, not just your executive compensation, so don’t be shy. It’s up to you to ASK for what is fair. There are many executives who DO NOT take this opportunity to give themselves the biggest raise ever.

Whether you are relocating to a new city, or just changing jobs seeking better executive compensation, the only time you are truly able to obtain a solid increase in compensation and benefits is when you are negotiating a job offer with a new company. As you know, once you become an employee, you must wait until the next annual salary review; and then you only get a small percentage increase. You cannot change any other terms of your original employment agreement after you have signed it. Get what you deserve now through compensation negotiations--protect your career and financial future.

One of the comments I hear most often from executives is the struggle to negotiate their salary when the offer is presented. This is especially true for executives who have been conducting an executive job search for some time and wish to return to the workforce as soon as possible. Some think being too demanding when negotiating executive compensation might jeopardize their job offer.

Let’s take a look at three mistakes you can avoid when negotiating your salary.